new ord minnett report, page-7

updated again yesterday

While not strictly a material announcement the contract win is the 18th such win in the
past 12 months (totalling ~A$140m – see table 1 below) and continues to reinforce
IDL’s ongoing ability to win good margin work in its high-end coal safety related
businesses.
􀂃 A key point that should be noted is that it is the 9th new customer that IDL has added in
China this calendar year and there is plenty of scope to expand the size of each of
these customers after the initial sales are delivered and the client becomes more
familiar with both IDL and the full range of products that it has available.

The revised DCF valuation is $0.56 per share (WACC 13.0% and fully diluted for the
convertible note maturing March 2011).